- The KLAY token price is hovering around the supply zone on a daily time frame.
- The KLAY token price is forming a flag and pole pattern showing consolidation.
- The pair of KLAY/BTC is trading at the price level of 0.00000892 with a decrease of -1.25% in the past 24 hours
According to the price action, the KLAY token price is trading in the demand zone on a daily basis. The token price was subjected to strong bearish pressure in the market over the last week, resulting in a drop in the price of the KLAY token.
As it began to fall from the supply zone, the KLAY token price displayed a one-sided bearish rally. On a daily basis, the KLAY token price is forming lower high and lower low formations. If the token price successfully breaks out of the supply zone, it will rise. The token price is currently trading below the 50 and 100 Moving Averages. The recent bullish rally caused the token price to break through the 50 and 100 Moving Averages.
Moving upwards the token price can be seen facing strong resistance from these MAs.. Currently, the token price is trading at the middle of the Bollinger band indicator after failing to surpass the upper band. The range of the Bollinger Band indicator has narrowed indicating a strong move on the breakout side. Volumes have increased as the token price bounced off the demand zone strongly. Investors should remain cautious as volatility has increased due to recent big moves.
The KLAY token price informing a a flag and pole pattern
Relative Strength Index: RSI curve is trading at the price of 55.74 as the token bounces off the demand zone. At present, the RSI curve has crossed the 20 SMA. The token is forming higher low and higher high formation on a 4-hour time frame as the token shows bullishness in the higher time frame. The KLAY token price can be seen moving if it sustains the recent gains and breaks the supply zone and if it does then the RSI curve can be seen moving even higher up supporting the trend, crossing the 60 halfway mark.
Supertrend: The KLAY token price has failed to sustain the supply showing a very brief fall from the supply zone. Before the current consolidation token showed a strong bearish rally which led to breaking out of the super trend buy line. Earlier the super trend sell line was acting as a strong supply zone. The recent breakout has resulted in the super trend indicator triggering a buy signal. Moving upwards the super trend buy line can be seen acting as strong support.
Average Directional Movement Index: ADX has been continuously dipping as the token price trades in a bearish trajectory on a weekly time frame. As of now, the token price is trading at the important supply zone. The breakout of the supply zone can act as a strong demand zone in the coming days. At present, the token price is trading in a small range on a 1-hour time frame, and if the same continues the token price can be seen breaking on either side, triggering strong moves in the upcoming days. The ADX curve has dipped out of the 20 mark.
Conclusion: KLAY token price is in an uptrend on a daily time frame. While on a smaller time frame the token is consolidating in a small range. The technical parameters are also seen supporting the trend as they turn bullish. Investors should wait for a confirmation of proper bounce back and then act accordingly.
Support: $0.19 and $0.17
Resistance: $0.22 and $0.27
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/02/10/klay-token-price-analysis-klay-token-price-is-stuck-inside-a-small-range/